.The law of comparative advantage implies that a nation, individual, or region should trade for those economic goods for which it
What will be an ideal response?
is a high opportunity cost producer.
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Labor expenditures associated with carrying out an abatement process are considered to be part of
a. capital costs b. fixed costs c. operating costs d. implicit costs e. none of the above
If the U.S. government imposes a tariff on imported steel, who else besides U.S. steel producers gains from the tariff?
A) U.S. steel consumers B) the U.S. government C) U.S. importers of steel D) foreign exporters of steel E) the foreign government
Tobin's q theory suggests that monetary policy may affect investment spending through its impact on
A) stock prices. B) interest rates. C) bond prices. D) cash flow.
To prevent obesity, the government may establish a tax on high caloric foods, such as twinkies. A twinkie tax will have the smallest impact on quantity demanded when the demand curve for twinkies is
A) perfectly elastic. B) perfectly inelastic. C) more elastic than the supply curve. D) both A and B.